First-Time Buyers
I’m here to make this process as straightforward and stress-free as possible
Advantages for First-Time Home Buyers in Alberta
Alberta offers a unique benefit for first-time home buyers — a minimal land title tax compared to the hefty land transfer taxes in other provinces. Here’s a quick breakdown of what this means for you:
Land Title Tax Details
- Property value
You will pay $50 plus $2 for every $5,000 of the fair market value. - Mortgage
Charges are $50 plus $1.50 for every $5,000 of the fair market value.
For example, if you purchase a home for $500,000 with a $400,000 mortgage, your total taxes would be just $320. This low tax rate significantly reduces your upfront costs compared to other regions.
Federal Support Programs for
First-Time Buyers
Despite the lack of provincial rebates in Alberta due to the low land title tax, there are several federal programs designed to assist first-time home buyers:
First-Time Home Buyers Tax Credit
This program offers a tax credit of up to $750, which you can claim on your tax return in the year you buy your home.
RRSP Home Buyers' Plan
This plan now allows you to withdraw up to $60,000 (or $120,000 for couples) from your RRSPs to fund your down payment, with a 15-year repayment period.
GST/HST New Housing Rebate
If you’re purchasing a new or substantially renovated property, this rebate helps offset the GST or HST you pay, making your purchase more affordable.
First-Time Buyers
Mortgage Payment Calculator Canada
Use my easy-to-navigate Mortgage Payment Calculator to understand your monthly payments and assess your financial commitments before buying a home.
Let’s Chat About Real Estate
Schedule a Free 30-minute chat with me
Whether you’re looking to buy, sell, or invest, this informal meeting is a great opportunity for personalized advice and strategic insights tailored to the Edmonton market.
Address
203-45 St. Thomas St
St Albert, Alberta T8N6Z1
Juanmr@royallepage.ca
Phone Number
825-925-1831
Let’s Connect
Contact me today to discuss how we can achieve your real estate goals together.